sebi:VSS/AO-175/2009
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Facts / Headnote
Violation established; monetary penalty of Rs.5,00,000 imposed on the Noticee
Provisions invoked
- s. 13
- s. 18
- s. 23
- s. 23H
- s. 23J
- s. 23I
- s. 2(4)
Holding
The Noticee's off-market purchase of 1,50,000 shares on December 04, 2004 violated sections 2(i) and 13 of SCRA and was illegal, void and a nullity, attracting monetary penalty under section 23H of SCRA.
Full text
Page 2 of 17 sections and therefore, liable for monetary penalty under section 23H of SCRA. APPOINTMENT OF ADJUDICATING OFFICER
Page 3 of 17 2009. However, the Noticee neither appeared for the hearing nor sought adjournment. The second opportunity of hearing was granted to the Noticee on June 11, 2009 vide notice dated May 18, 2009. The same was sent through SEBI, Western Regional Office, Ahmedabad. The said hearing notice was received and acknowledged by the Noticee as per the communication of SEBI, Western Regional Office, Ahmedabad dated June 05, 2009. The last opportunity of hearing was granted to the Noticee on August 05, 2009 vide notice dated June 25, 2009 at SEBI, Western Regional Office, Ahmedabad. As August 05, 2009 was a holiday at Ahmedabad, the hearing was advanced to August 04, 2009.
Page 4 of 17 c) If so, what would be the monetary penalty that can be imposed taking into consideration the factors mentioned in section 23J of SCRA?
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Source: SecMarx — sebi:VSS/AO-175/2009. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.